Fundamental Development:-
Solana-hacked crypto could be claimed as a tax loss: Experts
or unlucky crypto investors looking to turn lemons into lemonade — it turns out that digital assets lost during an exploit or hack can potentially be claimed as a tax loss, provided you live in the right country, experts told Cointelegraph.
Following the news that more than 8,000 Solana wallets had been compromised and that an estimated $8 million dollars in crypto had been stolen due to a security breach in Web3 wallet provider Slope’s network, this may be some much-needed consolation.
When asked whether there are similar provisions in other tax jurisdictions other than Australia, the country in which the tax software provider is based, Brunette, replied:
“Many countries have a provision to allow for these types of tax deductions however, you should work closely with a local tax professional and make sure you keep adequate proof of the loss.”
Danny Talwar, Head of Tax at Koinly confirmed the same with Cointelegraph, stressing however that in Australia, one must demonstrate evidence that the crypto lost was under their control at the time it was stolen.
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading below previous day high. Yesterday BTC made High 22,370 and decline and took support from 22400 levels. Yesterday it made low near $22,360.Bitcoin is struggling to gain momentum above $23,370.
Alternative Scenario: If Bitcoin fails to clear the $23,370 resistance zone, it could start another decline. An immediate support on the downside is near the $22,500 level.
Hourly MACD – The MACD is now gaining pace in the bullish zone.